This edition thoroughly develops the standard topics of intermediate price theory as well as such innovative topics as the economics of information, alternative normative criteria, efficient asset markets, contestable markets, antitrust law, human capital, and the demand for public goods. It also uses the timely topic of social welfare as a unifying concept throughout.
- Pricing includes an excellent assortment of both fictional and real-world examples
- Extensive sections are devoted to topics excluded from many standard intermediate textbooks, such as alternative normative criteria, efficient asset markets,contestable markets, antitrust law, mechanisms for eliciting private information regarding demand for public goods, human capital, increasing returns in economic growth, the Capital Asset Pricing Model, and the pricing of stock options
- Chapter 1 covers economic analysis with examples drawn from sociology, biology, and history, illustrating the crossdisciplinary scope of microeconomics
- The microeconomic relationship to macroeconomics is llustrated throughout the text
1. What Is Economics
2. Supply, Demand, and Equilibrium
3. Prices, Costs, and the Gains from Trade
4. The Behavior of Consumers.(Appendix: Cardinal Utility)
5. Consumers in the Marketplace
6. The Behavior of Firms
7. Production and Costs
8. Competition
9. Monopoly
10. Market Power, Collusion, and Oligopoly
11. The Theory of Games
12. External Costs and Benefits
13. Common Property and Public Goods
14. The Demand for Factors of Production
15. The Market for Labor
16. Allocating Goods Over Time
17. Risk and Uncertainty
18. Welfare Economics and the Gains from Trade.(Appendix: Normative Criteria.)
19. Knowledge and Information
Steven Landsburg, University of Rochester
